THE SEQUENCE.ONE CLOSE.
Every private capital transaction follows the same sequence. Lengdon enforces it — not by convention, but by the system itself. No stage can be opened until the one before it is complete.
THE STAGES
Each stage requires the one before it. The system enforces the order — neither party can advance alone.
Brief
FounderThe founder initializes the room and defines the raise — amount, structure, and the story that ties them together — before a single investor is invited in. Nothing is shared with an investor until this stage is complete.
Present
Founder → InvestorThe pitch deck and an overview of the opportunity go out to each invited investor. This is the first material an investor sees, and it stays scoped to what's appropriate to share before any confidentiality agreement is in place.
NDA
InvestorThe investor signs an individual, per-person NDA before anything sensitive unlocks. This is not a company-wide agreement — it's tied to that specific investor's identity, and their access ends if they leave the firm.
Diligence
InvestorFull data room access is granted once the NDA is signed. The investor reviews financials, legal documents, and the underlying business in depth, working from a consistent, gated set of materials rather than a scattered email thread.
Terms
Both partiesThe term sheet stage: commercial terms — valuation, instrument, board rights, whatever applies — are proposed and negotiated between the parties, with documents exchanged in the room rather than reconstructed later from memory.
Conditions
Tracked to satisfactionEvery condition precedent — regulatory approval, board consent, financing confirmations, whatever the deal requires — is added to the room and tracked until satisfied. The room cannot advance to Close until every condition is marked complete. Which party clears which condition is a matter both parties agree on directly — Lengdon enforces the boundary, not the internal workflow.
Close
Both parties, independentlySignatures are executed, funds move directly between the parties outside the platform, and mutual confirmation seals the record permanently. The complete append-only audit trail stops accepting new entries and stays accessible to both parties — nothing in it can be changed, amended, or deleted after this point. See how cap table state is recorded at close →
BUILT ON THESE
GUARANTEES
Append-only
No entry in the audit record can be deleted or modified. The system only ever adds to the log.
Tamper-evident
Each record entry references the previous entry. Altering any earlier entry breaks that reference visibly.
Per-person, not per-company
Every NDA, every access grant, every signature is tied to a specific individual — not a company, not a role, not a team.
Dual confirmation
Critical events — the NDA signature, the close — require independent confirmation from both parties before proceeding.
Ready to run the sequence?
Initialize a room and begin the closing sequence today.